Condo Insurance

Condo Insurance

What You Need To Know

Condos are a popular choice because of their low cost, but it is also a great maintenance-free option for those who live an active lifestyle. Condos are the best alternative that allows people to enjoy homeownership without worrying about yard work, snow removal, or home repairs; all you have to worry about is the living area. Condo insurance may seem unnecessary at first glance. That is until you need it. Living in the middle of the city is fun because there are so many things to do, such as concerts, street festivals, theatres, and restaurants. However, this doesn’t mean you shouldn’t get insurance. 

Keep Your Belongings Safe

Condo insurance is required to protect you and your personal belongings from claims not covered by your condo association’s policy. There is no legal requirement for Canadians to carry condo insurance, but they must acquire it to get a mortgage. For more information on condo insurance, contact our experts at iSmart Advisers. We’ll assist you in determining the appropriate coverage for the items that are important to you. Our helpful staff will locate comparative condo insurance quotes for you, ensuring that you get the greatest possible coverage at the best possible price. Do you want to compare your options to ensure you have the protection you require? We can also assist you with this. Please give us a call or contact iSmart’s team now!
Personal Condo Insurance 1

While condo insurance isn’t required, it will be necessary to have a mortgage.

 

Now for some pointers: your condo association will likely have a master insurance policy, but it may just cover the essentials. Some associations will purchase insurance that covers more basic objects such as appliances, carpeting, cupboards, and interior walls within each unit. Understanding insurance can be complicated, and you want a tailored solution that will fit your specific requirements. Our goal is to make the way we provide information as simple as possible to adequately convey the value and assist you in making sense of it.

 

Talk to our iSmart Advisor about what’s best for you for the inside scoop.

Yes, a standard condo insurance policy covers all appliances, but only from technical failure caused by an insured risk, not from wear and tear. Be sure to notify your provider if you upgrade your devices.

Make a detailed list of any goods that have been damaged or stolen. The moment you can no longer live in your apartment due to the damage, call your financial advisor to see what coverage you’re entitled to. A claims adjuster will contact you to complete a proof of loss form. Inquire about employing your own contractor to fix the property, or if you’ll have to use one they provide.

The following factors influence condo insurance costs: 

  • Your demographics.
  • Your credit score.
  • A list of your insurance policies and claims.
  • A fire hydrant and a fire station are close by.
  • The type of structure (i.e., house, high-rise, rowhouse).
  • The construction material.
  • The roof’s age and type.
  • Electrical, plumbing, and heating systems’ age and type.
  • Proximity to natural dangers such as rivers.
  • Alarms, sump pumps, and other damage mitigation devices.
  • The value of your personal belongings if they were replaced.
  • The value of your condo if it were to be replaced (everything within the walls like flooring and appliances).
  • The neighbourhood claim rate.
  • The crime rate in your community.
  • Your insurance options (loss settlement, deductible, policy limit, coverage, etc).

How Can We Help?

Contact iSmart’s team now!